Travel insurance fine print can lead to unforeseen expenses

“However much you agonize over your mortgage and investments, double that effort level when buying travel medical insurance.  Paying an uncompetitive interest rate on a mortgage can cost you thousands, and bad investment decisions can be harmful, too. But travel medical insurance is special in the way it can produce expensive surprises,” wrote Rob Carrick for the Globe and Mail this Monday.

Carrick continued, “We’re reminded of this by the case of the Saskatchewan couple that were charged $950,000 (U.S.) for medical services rendered after the wife gave birth nine weeks early while vacationing in Hawaii. As reported by CBC, their travel insurance provider, Blue Cross, denied coverage.  We seem to have absorbed the message that travel medical coverage is mandatory in all situations where someone crosses the border into the United States. But there’s work to do in ensuring that people buy policies that will actually cover their bills.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS  

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